J-Will Partner to sell Japanese yogurt company to Ito En
Japanese private equity firm J-Will Partners is reportedly set to offload its dairy product manufacturing asset, Chichiyasu Co., to one of the Japan’s largest beverage makers, Ito En Ltd., by the end of next month.
The deal size has not been disclosed, through market observers have estimated the sale to be worth around JPY10 billion ($12.4 million).
The Hiroshima-based dairy products maker generated JPY11 billion ($13.4 million) in revenue in its 2010 fiscal year. According to the Nikkei, the listed Ito En, which maintains a specialization in Japanese green tea products, has targeted the dairy products business as a means to strengthen its chilled-products offering.
Established in 1986, Chichiyasu was known as the first domestic yogurt producer. Since its incorporation, the company has stably increased sales and has expanded its business to include entertainment and real estate units, which led to JPY22 billion ($26.9 million ) worth of debt in 2005. That same year, J-Will acquired the full business, also for an estimated JPY10 billion ($12.4 million).
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